Yesterday’s measures saw some interest returning to banking stocks. The country’s largest lender, Malayan Banking Bhd rose to an intra-day high of RM7.46 before closing unchanged at RM7.30. A total of 14.44 million shares traded. CIMB Group Holdings Bhd gained 8 sen or 2.33% to RM3.52 with 30.15 million shares done. As for Public Bank, it rose 48 sen or 3.15% to RM15.72 with 8.3 million shares exchanging hands.
PETALING JAYA: Bank Negara’s six-month reprieve on debt repayments starting April 1 for those affected by Covid19, which was among a slew of new measures announced, is timely and much needed to restore some calm and stability in the banking sector that has come under selling pressure on Bursa Malaysia.
Analysts said the measures, viewed extensively, indicated the depth of the potential downside risk that the Covid-19 outbreak could bring to the local banking sector.
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